Bitcoin and Ethereum: Bitcoin is holding above $29000

The price of Bitcoin continues yesterday’s consolidation above the $29,000 level. Ethereum price remains under pressure below the $1860 level.

Bitcoin chart analysis

The price of Bitcoin continues yesterday’s consolidation above the $29,000 level. We are currently hovering around the $29,200 level and will likely see such a move until tonight’s Fed rate decision. Then, we can expect to see larger movements on the chart.

We need a positive consolidation and a jump to the $29400 level for a bullish option. Then, we need to stay up there and start the recovery with a new impulse. Potential higher targets are $29600 and $29800 levels. An additional resistance to the bullish option in the zone around $29,600 was the EMA50 moving average.

We need a negative consolidation and price pullback to the $29000 support level for a bearish option. A price drop below it would confirm a bearish option, and the price would likely continue to slide. Potential lower targets are $28800 and $28600 levels.

Ethereum chart analysis

Ethereum price remains under pressure below the $1860 level. We can say that the movement in the previous 24 hours is sideways and that, for now, there are no signs of any potential trend. Below, we look at $1850 as a possible support level.

We need a negative consolidation and a drop below the $1850 level for a bearish option. Thus, we would take the first step towards a bearish continuation and visit the previous low at the $1833 level. A break below would form a new lower low and signal a bearish continuation. Potential lower targets are $1820 and $1810 levels.

For a bullish option, we need a positive consolidation and a jump in the price of Ethereum to the $1870 level. Then, we need to stay there and start further growth to higher levels from that new bottom. Potential higher targets are $1880 and $1890 levels.

 

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